{"id":6673,"date":"2020-01-18T08:04:00","date_gmt":"2020-01-18T08:04:00","guid":{"rendered":"https:\/\/qa-front.dev.techhub.cloud\/blog\/?page_id=2902"},"modified":"2024-04-18T08:56:07","modified_gmt":"2024-04-18T08:56:07","slug":"what-is-a-consortium-blockchain","status":"publish","type":"glossary","link":"https:\/\/paybis.com\/blog\/glossary\/what-is-a-consortium-blockchain\/","title":{"rendered":"Consortium Blockchain"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">What is a Consortium Blockchain and what is its difference with other Blockchains?<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is a Consortium Blockchain?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Consortium Blockchain is a \u201csemi-private\u201d system that has a controlled user group but works across different organizations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are three main Blockchain categories. These are: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Public Blockchains<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Private Blockchains <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Consortium Blockchains<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A public Blockchain allows anyone a form of control. A private Blockchain limits this to only by one organization. The middle ground between both is a Consortium Blockchain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consortium Blockchains provide a sweet spot between fully open public and fully centralized private Blockchains. They do this by allowing multiple organizations or companies to connect to the database.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a Consortium Blockchain, new companies can join an already developed structure and share data instead of building it from scratch.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the same time, companies can reduce their development costs by solving common problems with other entities.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How is it different from other types of Blockchains?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The main difference between open, private and consortium blockchains lies in their type of governance:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Where open Blockchains are permissionless (meaning accessible to anyone), consortium and private Blockchains require permission for access and usage.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Furthermore, consortium blockchains follow the concept of semi-decentralization. This means that they are under the supervision of small-scale groups, instead of the whole public.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And finally, it has a multi-party <\/span><a href=\"https:\/\/paybis.com\/blog\/glossary\/what-is-consensus\/\"><span style=\"font-weight: 400;\">consensus<\/span><\/a><span style=\"font-weight: 400;\">, where all transactions are verified by special pre-approved nodes, instead of the whole community like in open Blockchains or one single entity like in private Blockchains.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What industries use Consortium Blockchains and why?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are some of the most common industries that utilize Consortium Blockchains and the main reason behind it.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Finance and Banking<\/b><span style=\"font-weight: 400;\"> &#8211; Blockchain technology greatly benefits this sector as it allows them to create a shared database where all necessary information about customers can be stored and accessed.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Logistics<\/b><span style=\"font-weight: 400;\"> &#8211; in this case, a Consortium Blockchain allows product tracking in order to identify its provenance and the way of supplying, while at the same time restricting access to everyone but the chain supply participants.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Software development<\/b><span style=\"font-weight: 400;\"> &#8211; the consortium approach provides a combination of the best of open-source development with the semi-private nature of enterprise-level systems.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Healthcare and insurance<\/b><span style=\"font-weight: 400;\"> &#8211; here, hospitals and insurance companies can join a consortium to effortlessly exchange information and money when insurance payments are required.\u00a0<\/span><\/li>\n<\/ul>\n<p>For more, in-depth analysis of the different types of Blockchains, click <a href=\"https:\/\/en.wikipedia.org\/wiki\/Blockchain\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Consortium Blockchain is a \u201csemi-private\u201d system that has a controlled user group but works across different organizations.\u00a0<\/p>\n","protected":false},"featured_media":0,"template":"","glossary_letter":[292],"glossary_term":[276,277,279],"class_list":["post-6673","glossary","type-glossary","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a Consortium Blockchain And How is it Unique? - Paybis Blog<\/title>\n<meta name=\"description\" content=\"There are many different types of Blockchains. 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